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Screen NYNYCPen - New York City Penalties and Interest (1120)
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General Information
Date return filed, if different from original due date
If the date entered is later than the return due date, the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment automatically calculates. If this field is blank, it defaults to the due date of the return.
note
Use this field to customize the date due in the filing instruction inserts. Enter the date you want to appear on the filing instruction inserts, and then insert the variable [date filed f/t] in place of the variable [due date ASAP f/t] in the filing instruction inserts. If this field is blank, the date defaults to the due date of the return (original or extended). For more information, refer to the Client documents overview.
Prior year tax
Enter last year’s tax liability. The application uses this amount to calculate Form NYC-222 exceptions.
note
The application calculates the Form NYC-222 penalty for a short-year client.
Large corporation
Enter
X
to indicate a large corporation for the Form NYC-222 first and second exceptions. If this field is blank, it is assumed that this is not a large corporation.Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form NYC-222 and the calculation of the Form NYC-222 penalty on the return. Form NYC-222 prints if this field is blank and the underpayment penalty is due.note
Form NYC-222 prints whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression checkbox is marked, Form NYC-222 doesn’t print. To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax
field, select Setup
then 1120 Corporation
. In the New York tab, select the Tax Return
button. Highlight Form NYC-222 and select the Always if data
option to force the form to always print when it contains relevant data.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. The NYC Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The NYC Late Filing Interest and Penalty Worksheet also prints if the Failure to file
or Failure to pay
fields are blank and a failure to file or failure to pay penalty exists.Suppress penalties on return: Failure to file
Enter
X
to suppress the failure to file penalty on the return. The NYC Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The NYC Late Filing Interest and Penalty Worksheet also prints if the Late interest
or Failure to pay
fields are blank and late payment interest or a failure to pay penalty exists.Suppress penalties on return: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. The NYC Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The NYC Late Filing Interest and Penalty Worksheet also prints if the Late interest
or Failure to file
fields are blank and late payment interest or a failure to file penalty exists.note
The NYC Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the NYC Late Filing Interest and Penalty Worksheet doesn’t print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return, but print the worksheet, select the Late interest
, Failure to file
, and Failure to pay
checkboxes, and then select Setup
then 1120 Corporation
. In the New York tab, select the Tax Return button. Highlight NYC Late Filing Worksheet and select the Always if data
option to force the worksheet to always print when it contains relevant data.